“Over the course of this critical year, we expect to launch up to four new drugs for challenging diseases, while advancing our next generation of molecules that are currently in Phase 3.” said CEO David Ricks.
Eli Lilly and company. (LLY) – Get a free reportPosted stronger-than-expected fourth-quarter earnings on Thursday, while improving its full-year earnings forecast as sales of its hit diabetes treatment, Trulicity, continued to boost its revenue and bottom line.
Eli Lilly said adjusted earnings for the three months ending December were pegged at $2.09 a share, a 16.1% decline from the same period last year but well above the consensus forecast from Street for $1.78. Group revenue, Eli Lilly said, fell 8.75% from last year to $7.3 billion, just short of analyst forecasts for a $7.33 billion bill.
Trulicity sales rose 3% from last year, and 4.6% from the prior quarter, to $1.936 billion, while Taltz, its severe plaque psoriasis drug, posted sales increases sales 9% to $707.8 million. Eli Lilly’s new drug Mounjaro, which targets obesity, generated sales of $279.2 million.
Looking ahead to the current fiscal year, Eli Lilly said non-GAAP earnings would likely rise $8.35 to $8.55 per share, up from its previous forecast of $8.10 to $8.30 per share, with revenue in the region of $30.3K. million to $30.8 billion.
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“2023 is an inflection point for Lilly: an opportunity to expand our impact on patients and growth potential as an R&D-driven biopharmaceutical company,” said Chief Executive Officer David Ricks. “Over the course of this critical year, we expect to launch up to four new drugs for challenging diseases, while advancing our next generation of molecules that are currently in Phase 3.”
Shares of Eli Lilly were down 2.5% in premarket trading after the earnings release to indicate an opening bell price of $334.00 each.
Last month, the US Food and Drug Administration denied Eli Lilly’s request for an expedited review of its developing Alzheimer’s treatment, citing concerns about “the limited number of patients with at least 12 months of drug exposure data provided in the submission”.
Eli Lilly, who says he will publish data from the phase 3 trial of the drug, known as donanemab, later this year, said the rate at which donanemab reduced amyloid plaque, proteins found in the spaces between cells nerve cells that can interrupt communication with the brain, – meant that some patients left the study after six months, reducing its overall size.
